ONE Group Hospitality, Inc. (STKS): M&A transaction — One Group completes Benihana acquisition for $365M cash; Benihana FY2024 revenue $530M, net income $53.5M

ONE Group Hospitality, Inc.

Acquisition of Safflower Holdings Corp. (Benihana/RA Sushi) for $365M cash closed May 1, 2024; prior Form 8-K now amended with financials.
Benihana's audited FY2024 (53 weeks) revenue $530.1M vs $517.1M in FY2023; net income $53.5M vs $2.3M, boosted by $57.9M deferred tax benefit.
Benihana income from operations $31.0M in FY2024 vs $35.4M in FY2023; impairment charges $8.9M, interest expense $35.4M.
Benihana had $214.4M long-term debt, $27.5M cash, total assets $516.3M as of March 31, 2024; operated 88 company-owned and 12 franchised restaurants.
Unaudited pro forma combined financials for One Group and Benihana as of March 31, 2024 and year ended Dec 31, 2023 filed as Exhibit 99.2.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

ONE Group Hospitality, Inc. completed an acquisition involving Safflower Holdings LLC for $365.0 million in cash (closed 2024-05-01).

Action: acquisition
Counterparty: Safflower Holdings LLC
Consideration: $365.0 million in cash
Closing: 2024-05-01

Exact text from the filing

On May 1, 2024, The ONE Group Hospitality, Inc. (the “Company”) filed a current report on Form 8-K reporting the completion of its acquisition of 100% of the issued and outstanding equity interests of Safflower Holdings Corp. from Safflower Holdings LLC, for $365.0 million in cash

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ONE Group Hospitality, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-24-009865

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